Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
Vancouver Market - Tracking commercial real estate investment sales across Metro Vancouver — sale prices, cap rates, and $/SF data for apartment, retail, office, land, and development transactions. By David Taylor, SVP at Colliers International Canada.
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Apartment, Development, Rental, Retail

23-Storey Rental Tower Slated for Kitsilano Broadway Plan Site

A rezoning application has been submitted by Hollybush Holdings for a site in the Kitsilano area of the Broadway Plan at 2180 West 6th Avenue, between Yew and Arbutus Streets. The property is currently improved with a 1968 era walkup apartment building with 31 units.

The site is located in the Kitsilano North (KKNA) subarea of the Broadway Plan.

The proposal is to allow for the development of a 23-storey rental building with a 4-storey podium and includes:

  • 159 rental units w/ 20% below-market rental units;
  • A 37-space childcare facility;
  • 1,800 SF of retail space;
  • A total density of 7.1 FSR; and
  • A building height of 245 ft.

This application is being considered under the Broadway Plan.

The architect for the project is Francl Architecture.

July 5, 2024by david.taylor@colliers.com
Condo, Development

Redevelopment of Shawn Oaks Site to Include Two Condo Towers & Social Housing Lowrise

The formal rezoning proposal is now posted for the 3.2 acre ‘Shawn Oaks’ property at 5505-5585 Oak Street, on the West side of Oak just North of West 41st Avenue in the Oakridge area.

Shawn Oaks is a 1969 era lowrise condo that was acquired in phases between 2016-2021 by Landmark Premiere Properties. The site is identified as a “Unique Site” in the Cambie Corridor Plan, allowing for an ‘enhanced’ rezoning process, and potentially greater height and density than elsewhere in the Plan area. The Cambie Corridor Plan identifies Shawn Oaks for more market and below market housing, targeting 20% of Residential Floor Area for Social Housing if market strata uses are proposed.

The project was originally proposed in February 2022 via a rezoning enquiry, and initial concept plans were introduced to the community at an Open House in June 2023 and now the project is moving into the full application phase.

The current plan includes a 33-storey condo tower, a 31-storey condo tower, and a 6-storey social housing building.

Further details include:

  • Approx. 450 condos;
  • Approx. 180 social housing units;
  • a total density of 4.0 FSR (556,000 SF);
  • a daycare building for 37 children;
  • Approx. 600 parking stalls.

The architect for the project is Acton Ostry.

The preliminary rezoning package can be viewed here: https://www.shapeyourcity.ca/5505-5585-oak-st

June 30, 2024by david.taylor@colliers.com
Apartment, Development, Rental

138 Rental Units Planned for Mount Pleasant/Broadway Plan Site

Fastmark has submitted a rezoning application for a 17,378 SF mid-block site at 469-491 East 10th Avenue in the Mount Pleasant area of East Vancouver, between Guelph Street and St. George Street.

The site is an assembly of three single family lots that has been designated for higher density in the MRTB subarea of the Broadway Plan.

The proposed project is a 17-storey rental tower that includes:

  • 138 rental units;
  • 20% below-market rental units;
  • a total density of 5.50 FSR;
  • tower floorplates averaging 6,500 SF;
  • A building height of 184.4 ft.
  • 32 underground parking stalls.

This application is being considered under the Broadway Plan.

The architect for the project is GBL Architects.

June 28, 2024by david.taylor@colliers.com
Development, Office

5-Storey Office & Industrial Building Proposed for Mount Pleasant Site

Openform Properties has submitted a development application for a 12,090 SF site at 288 West 8th Avenue, at the Southeast corner of West 8th and Alberta Street in mount Pleasant for a new office/light industrial building.

The site is currently improved with a 2-storey office building that was built in 1998.

The plan for the site is a new 5-storey mixed-use building, containing two levels of Manufacturing use, three levels of Office + rooftop amenity on this site. Details include:

  • 36,260 SF of office space;
  • 18,130 SF of light industrial/manufacturing space;
  • a total density of 4.50 FSR;
  • a building height of 95.7 ft.;
  • Two levels of underground parking having access from the lane.

Under the site’s existing I-1 zoning, the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.

The architect for the project is MA + HG.

June 28, 2024by david.taylor@colliers.com
Land, Market Research

City of Vancouver Releases Guidelines for Rezoning In TOAs

The City of Vancouver has released a report outlining proposed by-laws to implement rezoning policy under the Provincial Legislation: Bill 47 for transit oriented areas.

The proposed rezoning policy includes the following:

  • Land Use Framework: The rezoning policy generally follows the tiers identified in the
    TOA Policy Manual for heights and densities, with some minor adjustments:
    • For Tier 1 (200m, 20-storey inner ring), the density has been increased from a Floor
      Space Ratio (FSR) of 5.0 to 5.5 FSR
    • This also applies to certain RM-zoned properties in the Commercial-Broadway Station Precinct of the Grandview-Woodland Community Plan that are up to 400 m from the Station.
    • In all tiers, the policy will also support applications for low-rise market rental developments of 4- or 5-storeys, and 6-storeys with 20% below-market rental, which could be rezoned directly into existing rental residential (RR) district schedules rather than custom zones for each site.
    • Ground floor commercial required where it aligns with existing area plans, or on arterial sites within 400 meters of a station, otherwise at option of developer.
  • Tenure & Affordability: Proposals seeking to maximize height and density in all Tiers (20-storey,
    12-storey and 8-storey rings), will be required to:
    • Secure 100% as rental, with a minimum 20% as below-market rental; or
    • Deliver 30% as “turn-key” social housing.
  • Tenant Protection: The same enhanced tenant stability and protection policies approved for the Broadway Plan are included in the TOA Rezoning Policy.
  • Heritage: Properties may be limited in historic areas or for properties with an HRA. 10% additional density available for sites that retain, conserve or designate heritage on site.
  • Infrastructure: upgrades may be required and can be confirmed and/or implemented during the rezoning process.
  • Process: A rezoning enquiry will be strongly encouraged prior to submission of a formal rezoning application.
  • CACs: Residential rezonings opting to pursue TOA heights and densities enabled under the TOA rezoning policy would be expected to provide the required affordable housing (social or below-market rental) to achieve the identified height and/or floor space. For these rezonings, no additional cash CAC contribution or proforma review will be required as staff are recommending a CAC exemption for these inclusionary housing projects.

The full report, as well as individual TOA maps confirming parcels, can be viewed here: https://council.vancouver.ca/20240626/documents/cfsc1.pdf

June 20, 2024by david.taylor@colliers.com
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David Taylor Personal Real Estate Corporation

Colliers International

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David Taylor

Senior Vice President, Colliers Canada

David Taylor is a Senior Vice President at Colliers International in Vancouver, BC, specializing in the sale of commercial real estate across Metro Vancouver. He has sold over $1.7 Billion in office buildings, retail properties, apartment buildings and development land since 2004.

Vancouver Market chronicles investment and development activity in Metro Vancouver, including sale prices, cap rates, $/SF metrics, and market context for commercial real estate transactions.

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